New Delhi: Apple Inc. has done internal testing of its upcoming ‘Buy Now, Pay Later’ service. According to the news of Bloomberg, the name of this service is Apple Pay Letter. This week the company contacted its retail staff and offered them a testing version of the service. This service will allow the shopkeepers to split the installment payment. After the introduction of this service, customers will be able to buy expensive iPhones comfortably and pay in installments.
Earlier, the company had earlier started a trial for corporate employees as well. Apple Pay Later was announced in June last year and was planned to be released with iOS 16 last September.
However, the service could not start due to technical challenges. Now this service can start in 2023. According to Bloomberg, the service will run on a new financial platform that Apple has designed for an in-house initiative.
Using a Rollout Strategy
It is said that this service will take Apple into the fast-growing financial market. Like the previous financial products, the company has used the rollout strategy this time too. In 2019, it introduced the Apple Card credit card to retail employees about a month before its public debut, according to a Bloomberg report.
Will split the big payment
Apple Pay, working with Goldman Sachs Group Inc., is developing a version of the monthly installments service that would split large transactions over several months with interest. At present, it has not been announced.
LLC Company Establishment
The iPhone maker has set up a subsidiary called Apple Financing LLC to launch Apple Pay Later. This allows the partners of the Cupertino-based company to handle lending. Let us know that Apple has about 270 stores in the US and has more than 80,000 employees across the country, which helps the company to rapidly test the facility with a large population.